IRVINE, Calif., Jan. 11 -- Premier Laser Systems Inc., developers of proprietary medical and dental lasers and fiber optic delivery systems, has suspended negotiations with Pro-Laser Ltd. for the purchase of its EyeSys corneal topography business unit and the planned merger between the companies.
The parties could not reach an agreement on the proposed terms of these transactions, said Robert Mosier, CEO of Premier Laser Systems. Premier, through its financial advisor, The Magnum Group Inc., has been in contact with a number of companies that are interested in the EyeSys asset, as well as additional companies that would like to pursue merger discussions.
Premier intends to place the EyeSys asset into a sealed bid auction process with a minimum opening bid being at least $1 million. Premier filed for Chapter 11 protection in March of 2000. Since then it has been disposing of certain assets and seeking a merger partner.